Mortgages Made Simple: What Kind of Loan and How Many Years - Explained Like You're Five

By Explaining Economics Like You're Five

Community Score: 50% | 157 views | 1d

0 community ratings: null thumbs up, null thumbs down

The biggest promise most people ever make is a thirty year deal with a bank, and almost nobody explains it. So here it is, explained like you're five. With help from grandma, a toy and a jar of cookies, you'll learn what a mortgage actually is and why the house itself is the promise. We cover the four pieces of every home loan: the down payment, principal, interest and term. Then the two big decisions. First, what kind of loan: fixed or adjustable, and conventional, FHA, VA, USDA or jumbo. Second, how many years: 15 or 30. We show with simple numbers why the shorter loan can save you a mountain of interest, plus a trick to get the best of both. No calculator needed, and no nap required. This video is for education only and is not financial advice. #mortgage #homebuying #explainlikeimfive #personalfinance

Tags: #ExplainLikeImFive, #ELI5, #ExplainedSimply, #SimpleExplanations, #MadeSimple, #EasyLearning, #LearnLikeAChild, #DumbItDown, #SmolBrainEnergy, #BiteSizedLearning, #KidLogic, #BeginnerFriendly, #ExplainedForYou, #ExplainThis, #InPlainEnglish, #TinyLessons, #FunFactsDaily, #LearnSomethingNew, #SmartMadeSimple, #EverydayExplained